Lynch & Associates IN Trims Holdings in Old National Bancorp (NASDAQ:ONB)

Lynch & Associates IN lowered its stake in shares of Old National Bancorp (NASDAQ:ONB) by 12.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,482 shares of the bank’s stock after selling 1,500 shares during the quarter. Lynch & Associates IN’s holdings in Old National Bancorp were worth $182,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Rise Advisors LLC acquired a new position in Old National Bancorp during the 1st quarter worth $28,000. First Hawaiian Bank lifted its position in shares of Old National Bancorp by 3.4% during the first quarter. First Hawaiian Bank now owns 39,862 shares of the bank’s stock worth $694,000 after purchasing an additional 1,320 shares during the last quarter. Ables Iannone Moore & Associates Inc. acquired a new position in Old National Bancorp in the fourth quarter worth about $437,000. SageView Advisory Group LLC bought a new stake in Old National Bancorp in the fourth quarter valued at about $301,000. Finally, Verition Fund Management LLC raised its stake in Old National Bancorp by 48.9% during the fourth quarter. Verition Fund Management LLC now owns 3,776,635 shares of the bank’s stock valued at $63,787,000 after buying an additional 1,240,952 shares in the last quarter. Institutional investors own 83.66% of the company’s stock.

Old National Bancorp Stock Performance

Shares of ONB stock traded down $0.01 during trading hours on Thursday, reaching $16.13. The stock had a trading volume of 203,042 shares, compared to its average volume of 1,980,282. The firm has a market capitalization of $5.14 billion, a PE ratio of 8.72 and a beta of 0.83. The firm has a 50-day simple moving average of $16.63 and a 200-day simple moving average of $16.59. Old National Bancorp has a twelve month low of $12.36 and a twelve month high of $17.82. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.92 and a quick ratio of 0.92.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Tuesday, April 23rd. The bank reported $0.45 EPS for the quarter, topping the consensus estimate of $0.43 by $0.02. The firm had revenue of $440.20 million during the quarter, compared to analysts’ expectations of $440.00 million. Old National Bancorp had a net margin of 20.99% and a return on equity of 11.31%. Old National Bancorp’s quarterly revenue was down 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.54 EPS. As a group, equities analysts forecast that Old National Bancorp will post 1.84 earnings per share for the current year.

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Wednesday, June 5th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date was Wednesday, June 5th. Old National Bancorp’s dividend payout ratio is currently 30.27%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $20.00 target price on shares of Old National Bancorp in a research report on Tuesday, April 2nd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $18.00 price objective on shares of Old National Bancorp in a report on Tuesday, April 9th. Hovde Group initiated coverage on shares of Old National Bancorp in a research note on Monday, June 3rd. They set an “outperform” rating and a $20.00 target price for the company. StockNews.com upgraded shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday, June 13th. Finally, Barclays boosted their price objective on shares of Old National Bancorp from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Wednesday, April 24th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $19.00.

Insider Buying and Selling

In other Old National Bancorp news, CFO Brendon B. Falconer sold 49,375 shares of the business’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $16.28, for a total transaction of $803,825.00. Following the sale, the chief financial officer now directly owns 88,712 shares in the company, valued at approximately $1,444,231.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Brendon B. Falconer sold 49,375 shares of Old National Bancorp stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $16.28, for a total transaction of $803,825.00. Following the transaction, the chief financial officer now directly owns 88,712 shares in the company, valued at approximately $1,444,231.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Chady M. Alahmar sold 17,165 shares of the business’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $15.90, for a total value of $272,923.50. Following the completion of the sale, the chief executive officer now directly owns 50,001 shares in the company, valued at approximately $795,015.90. The disclosure for this sale can be found here. Corporate insiders own 1.07% of the company’s stock.

About Old National Bancorp

Old National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. It accepts deposit accounts, including noninterest-bearing demand, interest-bearing checking, negotiable order of withdrawal, savings and money market, and time deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing.